OOS Investor travelling to Birmingham March 12-15
Hello, quick introduction as this is my first post on Bigger Pockets! I live in Washington State and currently own 1 rental home in my hometown. Prices in Washington State as a whole have become insane and opportunities to buy for cash flow have all but disappeared. After hours and hours of research, I have decided that Birmingham is at the top of my list for long distance investing. Currently, I have two options: Turnkey or BRRRR.
I will be visiting Birmingham March 12-15 to check out the town and get boots on the ground. If I go turnkey I am pretty deadset on using Spartan Investing. I have already heard Maureen talk on Get Rich Education and have also had a phone conversation with her about my needs/expectations as an investor.
I would also like to make the most out of my trip and while I am in town, I would like to meet with reputable Real Estate Agents who cater to out of state investors and are real estate investors themselves. I would also like to meet with Property managers while in town. I tried searching through the forums before posting, but did not find any recent information that I could glean off. With that said, if there are recommendations for either of the above, or if there are active Agents and PM's on here that would like to meet with me, please reply or send me a PM.
Here are my expectations:
- I have cash on hand $150k for purchase and rehab prior to refinancing.
- I would like to focus on B and C+ properties only.
- Strategy is long-term buy and hold.
- Purchase price to Rent ratio = 1% minimum
- SFR to start off with, would consider multi-family in future based on performance/faith in team.
- Minimum 1 purchase 2018. Depending on performance, 2-3 purchases/BRRR's in 2019 and scale from there.
- Conventional 30 year fixed financing on homes.
Hopefully this is enough information, I look forward to hearing from you all!!